Bitcoin breaks $57,000
US investors remain cautious
February 27, 2024, 11:05 p.m
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After the latest record hunt, traders on Wall Street are still keeping a low profile and are more inclined to take profits than to buy, and the Dow is ending trading with a loss. Things are clearly improving for cruise operators in the wake of Norwegian Cruise Lines, and Bitcoin is also in demand.
Expecting further guidance on US monetary policy, investors have held back on Wall Street exposure. The US Standard Value Index Dow Jones closed 0.3 percent lower at 38,972 points. The technology-heavy one Nasdaq On the other hand, it advanced 0.4 percent to 16,035 points. The broad one S&P 500 increased 0.2 percent to 5078 points.
Investors also only touched the US currency with careful fingers. The Dollar index, which reflects the price against the Euro & Co, stagnated at around 103.80 points. “Investors are getting used to the fact that the Fed won’t be cutting interest rates anytime soon,” said Peter Andersen, founder of asset manager Andersen Capital. At the same time, they hoped for a “soft landing” for the economy, in which the US Federal Reserve would curb inflation without strangling the economy. Inflation data due on Thursday should support this assessment. Experts expect the so-called PCE price deflator, the preferred inflation barometer of the US central bankers, to rise by 0.4 percent month-on-month.
It enjoyed unbroken popularity Bitcoin. The oldest and most important cyber currency temporarily rose by a good five percent and exceeded the $57,000 mark for the first time in around two and a half years. Investors were hoping for a further price boost from the upcoming “halving”, the artificial shortage of Bitcoin supplies, said analyst Timo Emden from Emden Research.
The shares of were also in high demand zoom, which increased in price by eight percent. The video conferencing software provider reported quarterly results above market expectations and announced a $1.5 billion share buyback. Analyst Dan Romanoff from the research company Morningstar pointed out that business with corporate customers was growing at an above-average rate. That is a good omen for the medium-term prospects. Management also expects growth to pick up again after the second quarter.
iRobot crashes
Norwegian Cruise Lines impressed with strong figures and an optimistic outlook. The drop in costs is particularly encouraging, said portfolio manager Ken Kuhrt from asset manager Ariel Investments. The cruise operator’s shares rose by almost 20 percent. They won in their wake Rivals Royal Caribbean and Carnival up to 7.6 percent.
On the other hand, there was a steep decline for the papers from iRobot. They temporarily fell by almost 18 percent to a 15-year low of ten dollars after the provider of “Roomba” vacuum cleaner robots forecast a surprisingly high loss for 2024. A few weeks ago, Amazon’s takeover of the company fell through.